The yield on the 10-year U.S. Treasury Note just breached 3% to the downside. This is the lowest T-Note yield in U.S. history (my data goes back to January 1962). December long bond futures are up almost a point and a half to 128 11/32. If we close here, it would be a new high (though the intraday
high is up at 129 19/32, set on November 20). Treasury bills continue to yield essentially nothing -- 0.015% on the 1-month bill and 0.076% on the 3-month.